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Swire Properties sees reversion growth in Hong Kong, drop in retail sales

Swire Properties Ltd. said reversion increased in all of its office properties in Hong Kong, while sales dropped for all its retail properties in the city.

Reversion or the percentage change in rent on lease renewals, entry into new leases and rent reviews rose 12% in the Taikoo Place complex, 11% in the One Island East & One Taikoo Place project and 2% in its Pacific Place property.

However, retail sales fell 47.1% in the developer's The Mall at Pacific Place, 25.6% in Citygate Outlets and 20.3% in Cityplaza, the company said July 31.

Outside of Hong Kong, retail sales fell 48.2% in its Brickell City Centre mall in Miami.

Sales also dropped in the developer's mainland China properties — 38.1% in Taikoo Li Sanlitun, 15.0% in Sino-Ocean Taikoo Li Chengdu and 6.3% in its Indigo property. However sales grew 3.4% and 1.6%, respectively, in its Taikoo Hui asset in Guangzhou and the HKRI Taikoo Hui project in Shanghai.